Atmel to pay upcoming put on cash, expects holders to exercise option

New York, May 15 - Atmel Corp. said it will pay the upcoming put on its zero-coupon convertible notes due 2021 and added that it expects that investors will exercise the option.

The securities are putable on May 23.

If all the convertibles are put back to the company, it will pay $145 million in cash, leaving its balance of cash and equivalents at $300 million at June 30.

Atmel is a San Jose, Calif., maker of semiconductors.

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